LAHORE: Former president of SAARC Chamber of Commerce and Industry Iftikhar Ali Malik has said that Pakistan can comfortably earn billions of dollars in foreign exchange by fully utilizing its mineral wealth estimated at $6 trillion.
Speaking to a delegation of industrialists led by Taimoor Ali here on Tuesday, he said this immense wealth, if effectively harnessed, has the potential to transform the economic landscape of the country. Currently, Pakistan’s mining sector is underdeveloped and contributes only a small fraction to the national GDP. Several strategic actions need to be taken to unlock this potential.
He said investment in geological surveys and exploration activities is key. Comprehensive mapping of mineral resources can attract domestic and international investors. Pakistan can benefit from working with countries that have advanced mining technology and expertise, such as Australia and Canada. By creating a favorable investment climate, the government can encourage multinational companies to invest in mineral exploration and production, he added.
He said infrastructure development is vital to the growth of the mining sector. Efficient transport networks, including roads and railways, are essential to transport minerals from remote mining sites to processing facilities and export hubs. Investments in infrastructure for energy production and distribution have also been key, as mining operations are energy intensive. Public-private partnerships can play an important role in the development of this infrastructure.
Iftikhar Ali Malik said building a skilled workforce is essential. The establishment of training centers and vocational institutes focused on mining-related skills can equip the local population with the necessary expertise. This not only creates job opportunities but also reduces dependence on foreign labour. the government must ensure that the benefits of mining are equally distributed.
Mining revenues should be reinvested in local communities, improving healthcare, education and overall living standards. By adopting these strategies, Pakistan can fully exploit its mineral wealth, promote economic growth and improve the livelihoods of its citizens. The head of the delegation, Taimoor Malik, was of the view that regulatory reforms are essential. The existing legal and regulatory framework governing the mining sector needs to be streamlined to ensure transparency and efficiency. Simplifying the process of obtaining mining licenses and ensuring clear property rights can significantly reduce bureaucratic hurdles. In addition, the implementation of strict environmental and labor standards will ensure sustainable and ethical mining practices, making the industry more attractive to responsible investors, he concluded.
